Herbalife To Settle Class Action Lawsuit, Denies Any Liability
31 Oktober 2014 - 11:44PM
Business Wire
On October 31, 2014, global nutrition company, Herbalife
Ltd. (NYSE:HLF) entered into a settlement agreement that, if
approved by the court, will resolve a class action lawsuit against
the company.
The company has been aggressively defending itself against the
plaintiffs’ allegations set forth in Bostick v. Herbalife ever
since the lawsuit was filed in 2013. Yet, the potential cost, as
well as the distraction, disruption and burden of prolonged
litigation on the company and its management team, led the company
to decide that the terms set forth in the settlement agreement
provided the best path for moving forward.
The company notes that the settlement does not contain an
admission of liability or wrongdoing and still asserts that the
suit has no merit. Additionally, the company notes that the
plaintiffs’ counsel acknowledge that a finder of fact could
reasonably conclude there is substantial demand for Herbalife
product and Herbalife is not in violation of the law.
Mark Friedman, general counsel of Herbalife, stated: “We are
fully confident that we would have prevailed. Settling this matter,
however, is in the company’s best interest as it allows us to put
it behind us and focus on the future growth of the company.”
About Herbalife Ltd.
Herbalife Ltd. (NYSE:HLF) is a global nutrition company that
sells weight-management, nutrition and personal care products
intended to support a healthy lifestyle. Herbalife products are
sold in more than 90 countries to and through a network of
independent members. The company supports the Herbalife Family
Foundation and its Casa Herbalife program to help bring good
nutrition to children. Herbalife's website contains a significant
amount of financial and other information about the company at
http://ir.Herbalife.com. The company encourages investors to visit
its website from time to time, as information is updated and new
information is posted.
Herbalife Ltd.Media:Julian
Cacchioli, 213-745-0519VP, Global Corporate
CommunicationsorInvestors:Amy Greene,
213-745-0474SVP, Government, Corporate and Investor Relations
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